Fran Healy from Travis, Danny Goffey from Supergrass, Morcheeba's Skye Edwards, singer Estelle, Neil Hannon from Divine Comedy and Feeder are all set to contribute.

The new recording will hit the shops on November 29, with all proceeds going to famine relief in Africa via the Band Aid Trust.

Funds will be targeted at helping victims of the famine in the Darfur region of Sudan, where there are 1.8 million people suffering from hunger.

The track, produced by Nigel Godrich, best known for his work with Radiohead, is being recorded at Air Studios in north London.

British contemporary artist Damien Hirst is designing the sleeve artwork for the record, which will be sold on CD for 3.99. Sir Bob has called on everyone to go out and buy the track.

He wrote in yesterday's Sun newspaper: "It must enter the charts at No. 1 and stay there.

"We are not going to let you down. Please don't let us down."

In 1984, 3.5 million Band Aid records were sold in the UK raising millions to help starving people in Africa.

The new recording is tipped to be the Christmas No. 1 and Chancellor Gordon Brown has pledged to waive VAT on its sales.

Sir Bob Geldof said ahead of today's recording that the experience felt different from the original BandAid: "I think this time we have 20 years of knowledge within pop music of what this thing is. There is a cultural and political reference.

"It appears more organised because of the publicists and managers involved, but it all sort of tumbled into place in a couple of weeks.

"It sounds gaudy but I guess there is a legacy."

Sir Bob said he did not think there would be another BandAid concert.

"For me this record is about firing the starting pistol to the year of 2005 when Britain is the chair of the G8 and president of the EU," he said.

Adding: "The reality is that only politics created this dilemma and only politics can resolve it."

Teenage soul sensation Joss Stone, arriving at the Hampstead studio said it was "scary" to be involved in the BandAid20 project. She said of the original single: "It came out before I was born but I know Do They Know Its Christmas? to sing along to. It's a lovely song."

Pop Idol Will Young, rocker Justin Hawkins from The Darkness, jazz singer Katie Melua and pop queen Jamelia also turned up for the recording.

Fran Healy from Travis said he had already recorded the song's backing track with Sir Paul McCartney and Danny Goffey from Supergrass. He said: "It is really really exciting. We have had an amazing time. The highlight for me was Dizzee Rascal. He came in and wrote a rap on the spot and performed it.

"It was strange actually because it was so natural and so laid back."

Snow Patrol frontman Gary Lightbody said: "I'm very excited. I was eight when the first one was out. I think it is probably one of my first memories. It is just amazing to be involved in it. There are people in the world who really need us to do this. Music is a very very powerful force."